The ballot language for the special Downtown Development Authority election this November in Castle Rock has been approved by Town Council.

The mail ballot, which eligible Downtown residents, property owners and business lessees will receive, will contain these four questions, Council unanimously confirmed Tuesday, Sept. 2:

• Shall a Downtown Development Authority be organized in Castle Rock and shall the use
  of tax-increment financing be implemented?
• Shall the DDA incur multi-fiscal year debt authorization of $30 million, with maximum repayment of $45 million?
• Shall the DDA impose an ad valorem property tax of three mills?
• Shall all revenues collected by the DDA be spent or retained without implications of TABOR restrictions by the DDA?

In addition to authorizing the formation of a DDA, the first question would define the DDA's boundaries, proposed as encompassing the Downtown commercial core, the Wilcox-Plum Creek commercial area and the Douglas County Fairgrounds. The first question also would allow for the appointment of a DDA Board of Directors and implement tax-increment financing - funds generated from growth in sales and property tax revenues within the DDA boundaries.

The second question would allow the DDA to issue debt to facilitate Downtown development projects.

The third question would allow for the collection of an additional three mills in property tax revenue in Downtown to be used solely for Downtown: special events, façade improvements and other programs, as well as operating the DDA.

The fourth question would lift TABOR restrictions on DDA revenues, maximizing the amount of funds available for reinvestment within the DDA district.

The Town's Downtown Advisory Commission, Planning Commission and Town Council have supported the formation of a DDA as the organizational and financial strategy for implementing Downtown improvements as set forth in the Downtown Castle Rock Master Plan.

In addition, the boards of the Castle Rock Chamber of Commerce, Castle Rock Economic Development Council, Castle Rock Merchants Association and Douglas County Libraries
have passed resolutions supporting the formation of a DDA in Castle Rock.

The Downtown Master Plan documented that Downtown is experiencing significant retail leakage; that the North Downtown area should move toward a Main Street-type feel; that the Downtown core needs traffic-calming and parking solutions and other public improvements to reach its potential; and that South Downtown's challenges include assembling land to encourage development, according to the ordinance Council passed Tuesday. The Master Plan determined that moving forward swiftly to implement the plan is an "economic imperative" for Castle Rock and recommended the creation of a DDA and the use of tax-increment financing to reinvest in Downtown.

Thirteen other Colorado communities have established DDAs, most notably Fort Collins,
Grand Junction, Colorado Springs, Greeley, Woodland Park and Longmont.

The end goal of the effort to establish a DDA in Castle Rock is to stimulate private investment in Downtown, to increase assessed valuation Downtown and increase revenue reinvestment in Downtown, Town Manager Mark Stevens told Council Tuesday.

Maintaining a vibrant downtown is a core element of the Town's Vision 2020 plan.

Though the certification of the ballot language Tuesday marked a significant milestone toward the establishment of a DDA, Mayor Randy Reed said, "There's still a lot of work to be done."

The full text of the ballot as well as other information about Downtown Castle Rock and DDAs can be found on the Town's Web site, www.CRgov.com, by clicking Downtown Castle Rock Information in the left-side menu.